Question

hapter 16 Homework < 6 of 8 (7 complete) HW Scc a manufacturer to compute cost of goods manufactured and cost of goods sold: ormation.) mufact Schd 0 Data Table entory Balances: Ending als $ aterials Beginning $ 22,000 39,000 17,000 31,000 35,000 23,000 Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Purchases of direct materials Direct labor Manufacturing overhead 75,000 82,000 40,000 urred du Account Print Done ntory rany number in the input fields and then click Check Answer. Clear All

Answer 1

Solution:

Schedule of cost of goods manufactured
Particulars	Details		Amount
Beginning Work In Process inventory			$39,000.00
Direct Material used:
Beginning direct materials	$22,000.00
Purchases of direct materials	$75,000.00
Direct materials available for use	$97,000.00
Ending direct materials	$31,000.00
Direct materials used		$66,000.00
Direct Labor		$82,000.00
Manufacturing overhead		$40,000.00
Total manufacturing costs incurred during the period			$188,000.00
Total manufacturing costs to account for			$227,000.00
Less: Ending work in process inventory			$35,000.00
Cost of goods manufactured			$192,000.00

Schedule of cost of goods Sold
Particulars	Amount
Beginning finished goods inventory	$17,000.00
Add: Cost of goods manufactured	$192,000.00
Cost of goods available for sale	$209,000.00
Less: ending finished goods inventory	$23,000.00
Cost of goods sold	$186,000.00